- NextLadder Ventures is a 15-year, $1 billion initiative to help 90 million low-income Americans
- Grants, equity and revenue-based financing will be on offer to eligible participants
- Anthropic will offer Claude credits and support worth $1.5 million annually
NextLadder Ventures has launched a $1 billion initiative to help support low-income Americans, arming them with AI skills for future employment opportunities.
The initiative was founded by a coalition of major philanthropies, including Ballmer Group, Gates Foundation, Stand Together, Valhalla Foundation and John Overdeck.
It’s set to run for 15 years, providing grants, equity and revenue-based financing to nonprofits and for-profits to help support at-risk Americans, with Anthropic joining as its inaugural AI partner offering Claude credits and expert support.
Gates Foundation backs $1 billion AI initiative
The Gates Foundation described NextLadder Ventures as an “initiative grounded in the belief that every American has the potential to achieve economic prosperity.”
“While innovative ideas exist to help low-income Americans overcome obstacles and pursue prosperity, there is insufficient capital available to those serving these populations,” its press release says.
The initiative aims to expand economic opportunities for over 90 million low-income Americans, supporting entrepreneurs who want to address job loss, housing instability and health crises. As part of the deal, Anthropic will contribute about $1.5 million annually.
“The Gates Foundation is focused on lifting millions of people out of poverty and onto a path to prosperity,” Gates Foundation CEO Mark Suzman commented.
The coalition announced Ryan Rippel as the CEO of NextLadder Ventures. Rippel, who already has a history working with the Gates Foundation, challenged the notion of a one-size-fits-all approach, pledging new and practical pathways. His “design with, not for” stance comes from growing up in a single-parent household in Missouri, where he was able to experience some of the struggles NextLadder Ventures aims to solve.
In a LinkedIn post, Rippel wrote: “Closing this divide means helping the helpers and the people they serve access new, practical pathways to opportunity.”
Further details on NextLadder Ventures are limited, but we expect to hear more in the coming weeks.
You might also like
- Why Bill Gates is wrong about AI and 3 things he needs to realize
- These are the best AI tools and best AI writers
- Check out our roundup of the best job sites
Add comment